Future expectations of Happiness

[vkh]

If the award for 5/6 was $10mm or more, I would feel some embarrasment and chastise myself for being careless. But I wouldn't be very upset because the marginal utility of the second $10mm is nowhere near the value of the first $10mm to me.

If the prize for 5/6 was $100k or less, I would be in shock. It would indeed be a horrible day.

HOWEVER, in choosing a fate ahead of time, I am ok with sacrificing happiness for the days(s) after realizing my goof, in order to have more purchasing power in the future (after I get over my mistake).

So the real question is, what is the value of the loss of happiness for those few days (as you pointed out in your title!).

For me I'm going to estimate that if the prize for 5/6 is $10.5k or more, I would choose Option 2. In other words, my grief for a few days is worth about $500. I may also be better at getting over things like this than other people, who may need more of a bonus in the prize money to endure the disappointment.